With the recent data breach at the Target national retail chain and the disclosures about the National Security Administration by whistleblower Edward Snowden still fresh in mind, House Republicans are pressing the CFPB over the integrity and security of its various database initiatives. Rep. Ed Royce, R-CA, took issue in particular with the national mortgage database project the CFPB is engaged in, along with the Federal Housing Finance Agency, the regulator of housing finance giants Fannie Mae and Freddie Mac. “I think you...
The CFPB last week initiated an administrative action against PHH Mortgage, accusing the firm of participating in a multi-million-dollar kickback scheme involving captive mortgage insurance reinsurance. The regulator said an investigation it conducted showed “that when PHH originated mortgages, it referred consumers to mortgage insurers with which it partnered. In exchange for this referral, these insurers purchased ‘reinsurance’ from PHH’s subsidiaries.” The bureau continued, “PHH took the reinsurance fees as kickbacks, in violation...
An industry source said lenders in the Riverside-San Bernardino-Ontario housing market are gearing up to petition HUD to recalculate the FHA loan limits in those areas.
Consumer advocate Ralph Nader has spent years demanding satisfaction for GSE shareholders from the Obama administration, regulators and members of Congress.
New Penn Financial accounted for almost 81 percent of mortgages included in the jumbo deal. In the past, the lender’s originations have been securitized by the affiliated Shellpoint Partners.
American Advisors Group, whose spokesman is former U.S. Sen. Fred Thompson, R-TN, led with $1.05 billion in reverse mortgage originations and a 9 percent market share.
Total FHA delinquencies rose slightly while the percentage of seriously delinquent loans remained flat in the fourth quarter of 2013, according to an Inside FHA Lending analysis of FHA servicing data. Data showed delinquencies of 90 days or more remained unchanged at 8.1 percent from the previous quarter even as total FHA delinquencies increased a bit to 15.2 percent from 15.1 quarter over quarter. The share of loans that are 30-60 days behind on their payment also increased to 7.1 percent from 6.9 percent over the same period. As of Dec. 31, FHA servicers had a combined ... [1 chart]
VA Lenders’ Compliance with CFPB’s Ability-to-Repay and Qualified Mortgage Rules. Until the Department of Veterans Affairs’ rule on ATR/QM is in place, all VA lenders must comply with the requirements of the Truth in Lending Act, as established by the Consumer Financial Protection Bureau’s ATR/QM rule, according to a recent agency guideline. VA will continue to guarantee all loans made in compliance with existing VA requirements, regardless of their QM status, the agency clarified. It urged lenders to refer to the CFPB guidance to ensure all their VA loans are ...
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